الرئيسية
(Corrects third para to show Mubadala's Aldar stake can rise to
60 pct upon full conversion, currently less than 50 pct)
DUBAI/CAIRO, Dec 20 (Reuters) - Abu Dhabi's Aldar
Properties slumped to a record low on Tuesday, on talk
that a major government stakeholder could delist the developer,
and Egyptian stocks fell as continued clashes between police and
protesters unnerved investors.
Shares in Aldar fell 2.3 percent to 0.84 dirham, their
lowest price since the stock began trading in 2005. Its
year-to-date losses extended to 63 percent, underperforming the
Abu Dhabi market, which is down 12.7 percent this year.
Aldar's share price was diluted on Thursday after it
converted a portion of bonds held by the government's Mubadala
Development Co into shares. It could eventually take
Mubadala's stake in the developer to nearly 60 percent.
Abu Dhabi's government bailed out Aldar in early 2011, with
a $5.2 billion rescue package in exchange for 2.8 billion
dirhams ($762 million) in convertible bonds to Mubadala and sale
of assets including Ferrari World theme park.
"There are rumors that Mubadala has the intention of
increasing its ownership in Aldar even more and then trying to
delist it like what happened to Aabar," said Joseph Kawkabani
from Franklin Templeton Investments Middle East.
Abu Dhabi-listed Aabar Investment was taken private by
parent International Petroleum Investment Co in 2010.
"There's already less excitement towards Aldar because
people have a hard time understanding its commercial
proposition," Kawkabani added.
60 pct upon full conversion, currently less than 50 pct)
DUBAI/CAIRO, Dec 20 (Reuters) - Abu Dhabi's Aldar
Properties slumped to a record low on Tuesday, on talk
that a major government stakeholder could delist the developer,
and Egyptian stocks fell as continued clashes between police and
protesters unnerved investors.
Shares in Aldar fell 2.3 percent to 0.84 dirham, their
lowest price since the stock began trading in 2005. Its
year-to-date losses extended to 63 percent, underperforming the
Abu Dhabi market, which is down 12.7 percent this year.
Aldar's share price was diluted on Thursday after it
converted a portion of bonds held by the government's Mubadala
Development Co into shares. It could eventually take
Mubadala's stake in the developer to nearly 60 percent.
Abu Dhabi's government bailed out Aldar in early 2011, with
a $5.2 billion rescue package in exchange for 2.8 billion
dirhams ($762 million) in convertible bonds to Mubadala and sale
of assets including Ferrari World theme park.
"There are rumors that Mubadala has the intention of
increasing its ownership in Aldar even more and then trying to
delist it like what happened to Aabar," said Joseph Kawkabani
from Franklin Templeton Investments Middle East.
Abu Dhabi-listed Aabar Investment was taken private by
parent International Petroleum Investment Co in 2010.
"There's already less excitement towards Aldar because
people have a hard time understanding its commercial
proposition," Kawkabani added.